DAILY FORECAST FOR GBPJPY 29th April 2010

By IBT Staff Reporter On 04/28/10 AT 11:44 PM

Price: 142.44

Bias: Mixed - waiting for breaks and feel we are more likely to see tight range trading today

Daily Bullish:

No break above 143.50 which tends to keep the bearish structure intact. However, I am not sure we'll see direct losses. There is support around 141.85-05 and while this supports we could see a move back within range to the 143.18-25 area. On the way there is pivot resistance at 142.65-95. Thus, only a break above 143.50 would trigger a stronger extension higher which would then see the 143.95-05 pivot resistance and above there the 144.45-85 area...

MT Bullish:

29th April: Direct gains were not to be seen and I feel we should be looking for buying areas between 140.19-61 - at the very lowest 139.81.

Daily Bearish:

Overall I still feel this requires a further dip but while the 141.85-05 area supports we could see continued range trading. Thus, only a break below 141.85 and then the 141.61 low would extend the downside to 141.17-34 at least and potentially the larger targets at 140.61-82 and 140.19. A deeper and more aggressive target is at 139.81....

MT Bearish:

29th April: If we see the current range trading continue I shall have to recalculate the eventual downside targets but for now they are at 140.61-82, 140.19 and an aggressive target at 139.81.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+185 pips)

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